Conviction Ideas

Capstocks Equity Research
Company Analysis
22nd June 2016
_____________________________________________________________________________________
Capstocks Research Team

Reitrate Buy
Revised Target
Holding Period
: ` 288
: ` 320
: 3 Month
Conviction Ideas 218

GIC Housing Finance
Our Weekly Stock Recommendation
COMPANY OVERVIEW:
GIC Housing Finance Limited (GICHFL), was incorporated as GIC Grih Vitta Limited on 12th
December 1989. The name was changed to its present name vide a fresh Certificate of
Incorporation issued on 16th November 1993. The Company was formed with the objective of
entering in the field of direct lending to individuals and other corporates to accelerate the
housing activities in India. The Company was promoted by General Insurance Corporation of
India and its erstwhile subsidiaries namely, National Insurance Company Limited, The New
India Assurance Company Limited, The Oriental Insurance Company Limited and United India
Insurance Company Limited together with UTI, ICICI, IFCI, HDFC and SBI, all of them
contributing to the initial share capital. Currently GICHFL has presence in 59 branches across
the country for business. It has got a strong marketing team, which is further assisted by Sales
Associates (SAs). It has tie-ups with builders to provide finance to individual borrowers. It also
has tie-ups with corporates for various housing finance needs.
BUSINESS:
The primary business of GICHFL is granting housing loans to individuals and to persons/entities
engaged in construction of houses/flats for residential purposes. The Companys main thrust
continues to be on Individual Loans and concentrates on lower ticker size loan of around 15
lakhs. The company also offers loans against properties but it constitutes around 15% of loan
book. It offers both fixed and fixed cum floating loans. Main source of funding are from Term
loans, refinance from National Housing Bank, commercial paper and Non convertible debentures
are source of funds.
____________________________________________________________________________________
Please see the disclaimer at the end
For Private circulation only
1

Company Analysis
22nd June 2016
_____________________________________________________________________________________
FINANCIAL HIGHLIGHTS:
FY 2014
FY 2015
FY 2016
Total Income Cr.
624.9
732.7
876.3
Net Profit Cr.
97.5
102.9
124.5
EPS Rs.
17.0
18.0
Book Value Rs.
113.3
122.5
23.1
135.8
Dividend Rs.
INVESTMENT RATIONALE:
GIC Housing Finance Limited is a small sized housing finance company focusing on retail
clients with small ticket size. Though the company performance was subdued in past, for last
five years it has shown considerable improvement. Loan book on housing loans has increased
consistently with compounded annual growth rate of 17.8% in last four years. Asset quality
continues to remain one of the best in the industry with Zero net non performing assets as on
FY15. In the recent budget Govt. has announced higher Income Tax deductions on interest for
first time home buyers who avail housing loan in FY17 upto 35 lakh with housing value does not
exceed 50 lakh. This move will create further demand for housing loans which will benefit
companies like GICHFL. Since our last recommendation on March 2016, the company has
announced its FY16 results where disbursements were gone up by healthy 19% while profit up
by 20% for full year. We expect loan book to grow consistently in the future and estimates an
EPS of 27 for FY17 and if we discount by 12 times earnings, we expect a target of 320. Relative
to other listed housing finance companies like GRUH, Canfin homes, Repco Home valuations of
GIC Housing looks very attractive. Investors willing to play a housing finance theme at
reasonable valuation can consider buying GICHFC at current market price.
SHAREHOLDING PATTERN
%
STOCKS DETAILS
AS ON Mar 2016
.
NSE
SYMBOL
GICHSGFIN
PROMOTERS
Indian
42.25
FACE VALUE Rs.
10
INSTITUTIONS
Mutual Funds
8.32
EPS Rs.
23
FII
1.75
Insurance Company
4.74
MARKET PRICE Rs.
288
7.71
Domestic Companies
35.23
P/E
12.5
Public and Others
____________________________________________________________________________________
2

Company Analysis
22nd June 2016
_____________________________________________________________________________________
P revious Conviction Ideas:

Sl.
No.
Company Name
217
216
215
214
213
212
211
210
209
208
207
206
205
204
203
202
201
200
199
198
197
196
JM Financial
TV Today
Kalyani steels
JK Paper
Nilkamal
Accelya Kale
Bodal Chemicals
GSFC
Force Motor
Sundaram Finance
Tinplate
GIC Housing Finance
Pricol
Intellect Design
Bodal Chemicals
Jamna Auto
Sundaram Finance
Tata Motors
TV Today
Amararaja Batteries
Tourism Finance Corp
Zensar Tech
Recommendation
Date & Price
15-Jun-16
8-Jun-16
1-Jun-16
25-May-16
18-May-16
11-May-16
4-May-16
27-Apr-16
20-Apr-16
13-Apr-16
6-Apr-16
30-Mar-16
23-Mar-16
16-Mar-16
9-Mar-16
2-Mar-16
24-Feb-16
17-Feb-16
10-Feb-16
3-Feb-16
27-Jan-16
20-Jan-16
Target
Price
` 53
` 64
` 304
` 350
` 186
` 240
` 53.5
` 60
` 1260
` 1440
` 1110
` 1240
` 93
` 110
` 76
` 90
` 3240
` 3600
` 1250
` 1402
` 68
` 80
` 239
` 270
` 44.5
` 52
` 203
` 265
` 59.5
` 72
` 134
` 150
` 1180
` 1320
` 304
` 345
` 302
` 340
` 877
` 972
` 50
` 66
` 836
` 920
CMP
51.5
292.25
185.65
55.35
1140.2
1100.2
103.85
73.75
2932
1455.45
79.5
287.2
83.45
201.9
103.85
172.75
1455.45
472.7
292.25
865
37.2
966.2
Status
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
____________________________________________________________________________________
3

Company Analysis
22nd June 2016
_____________________________________________________________________________________
195
194
193
192
191
190
189
188
187
186
185
184
183
182
181
180
179
178
177
176
175
174
173
172
171
170
169
168
167
166
165
164
163
162
161
160
159
158
157
156
155
154
153
152
GIPCL
Torrent Power
NEULANDLAB
Nilkamal
Indraprastha Gas
BANCOINDIA
SQS BFSI
Tinplate
Intellect Design
Canfin Homes
Jamna Auto
IL&FS Investment
PNB Gilts
Inox Leisure
Garware Wallropes
Sonata Software
Biocon
FDC
Dewan Housing
JK Tyre
Zensar Tech
Ceat
DCB Bank
Jamna Auto
Accelya Kale
Cholamandalam Fin
FDC
Man Industries
Canfin Homes
Navin Fluorine
Man Infraconst
Garware Wallropes
Canfin Homes
Emerging Stocks
Claris Life
Infinite Computers
TV Today
JM Financial
SQS BFSI
SKF India
Nilkamal
Tata Motors
13-Jan-15
6-Jan-16
23-Dec-15
17-Dec-15
9-Dec-15
2-Dec-15
26-Nov-15
18-Nov-15
4-Nov-15
28-Oct-15
21-Oct-15
14-Oct-15
7-Oct-15
30-Sep-15
23-Sep-15
16-Sep-15
9-Sep-15
2-Sep-15
19-Aug-15
12-Aug-15
5-Aug-15
29-Jul-15
22-Jul-15
15-Jul-15
8-Jul-15
1-Jul-15
24-Jun-15
10-Jun-15
3-Jun-15
27-May-15
13-May-15
29-Apr-15
15-Apr-15
8-Apr-15
1-Apr-15
25-Mar-15
18-Mar-15
11-Mar-15
25-Feb-15
18-Feb-15
11-Feb-15
28-Jan-15
21-Jan-15
14-Jan-15
` 91
` 108
` 201
` 235
` 838
` 975
` 1025
` 1185
` 459
` 524
` 136
` 159
` 58.5
` 66
` 805
` 920
` 69.7
` 80
` 215
` 265
` 1002
` 1150
` 119
` 130
` 18.4
` 23
` 27
` 32
` 47
` 59
` 227
` 265
` 281
` 345
` 138
` 160
` 480
` 560
` 190
` 220
` 266
` 295
` 108
` 132
` 795
` 920
` 720
` 830
` 130
` 160
` 102
` 130
` 1040
` 1150
` 600
` 690
` 153
` 178
` 67
` 80
` 695
` 790
`837
` 950
` 46
` 52
` 188
` 218
` 615
` 720
Na
Na
` 279
` 350
` 222
` 290
` 245
` 290
` 55
` 64
` 574
` 645
` 1434
` 1650
` 464
` 545
` 523
` 590
87.6
173.45
847.9
1140.2
604.45
140.95
37.2
1019.7
79.5
201.9
1122.75
172.75
16.1
24.05
37.2
227.55
362.3
165.15
716.1
176.35
200.15
86.95
966.2
820.95
97.1
172.75
1100.2
932.85
176.35
57.15
1122.75
2034.95
41.6
362.3
1122.75
Na
215
209.9
292.25
51.5
1019.7
1246.35
1140.2
472.7
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
____________________________________________________________________________________
4

Company Analysis
22nd June 2016
_____________________________________________________________________________________
151
150
149
148
147
146
145
144
143
142
141
140
139
138
137
136
135
134
133
132
131
130
129
128
127
126
125
124
123
122
121
120
119
118
117
116
115
114
113
112
111
110
109
108
Castrol India
Federal Bank
Zensar Tech
JM Financials
Canfin Homes
Bharat Electronics
Tata Coffee
Centum
PNB Gilts
Sanghi Industries
Canfin Homes
LG Balakrishnan
Castrol India
Garware Wallropes
V-Mart
Amararaja Batteries
Gujarat Alkalies
Hindustan Zinc
Aarti Industries
Nilkamal
Zensar Tech
JK Tyre
M&M Financials
JMC Projects
LG Balakrishnan
Amararaja Batteries
Atul
Canfin Homes
TVS Srichakra
Styrolution ABS
SKF India
Cox & Kings
Crompton Greaves
LG Balakrishnan
TV Today
Accelya Kale
NIIT Tech
JK Tyre
Gujarat Pipavav
NIIT Ltd
V-Mart
Atul
FDC
TVS Motor
7-Jan-15
25-Dec-14
18-Dec-14
11-Dec-14
3-Dec-14
26-Nov-14
20-Nov-14
12-Nov-14
5-Nov-14
15-Oct-14
8-Oct-14
1-Oct-14
24-Sep-14
10-Sep-14
27-Aug-14
13-Aug-14
30-Jul-14
23-Jul-14
16-Jul-14
2-Jul-14
25-Jun-14
11-Jun-14
28-May-14
21-May-14
7-May-14
30-Apr-14
23-Apr-14
16-Apr-14
2-Apr-14
25-Mar-14
19-Mar-14
12-Mar-14
5-Mar-14
19-Feb-14
12-Feb-14
29-Jan-14
22-Jan-14
15-Jan-14
8-Jan-14
1-Jan-13
26-Dec-13
4-Dec-13
27-Nov-13
20-Nov-13
` 521
` 590
` 73
` 85
` 585
` 690
` 50
` 57
` 500
` 575
` 766
` 883
` 98
` 115
` 558
` 675
` 25.3
` 32
` 61
` 75
` 452
` 520
` 704
` 790
` 434
` 490
` 180
` 218
` 432
` 490
` 532
` 625
` 201
` 245
` 169
` 195
` 204
` 245
` 392
` 475
` 415
` 476
` 56
` 65
` 304
` 352
` 149
` 185
` 233
` 263
` 422
` 490
` 520
` 590
` 240
` 280
` 304
` 345
` 475
` 555
` 795
` 890
` 152
` 175
` 134
` 150
` 163
` 187
` 113
` 140
` 750
` 845
` 413
` 475
` 33.4
` 38.8
` 63
` 72
` 28
` 36
` 220
` 260
` 430
` 475
` 101
` 118
` 50.3
` 58
374.75
55.65
966.2
51.5
1122.75
1264.65
107.55
520.8
24.05
71.3
1122.75
449.35
374.75
362.3
453.6
865
223.6
175
503.55
1140.2
966.2
86.95
319.45
243.35
449.35
865
1874.65
1122.75
2347.25
599.6
1246.35
167.1
72.15
449.35
292.25
1100.2
522.25
86.95
165.05
83.1
453.6
1874.65
176.35
295
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
____________________________________________________________________________________
5

Company Analysis
22nd June 2016
_____________________________________________________________________________________
107
106
105
104
103
102
101
99
98
97
96
95
94
93
92
91
90
89
88
87
86
85
84
83
82
81
79
78
76
75
74
73
72
71
70
69
68
67
66
65
64
63
62
61
Gujrat Gas
Cyient
Tata Steel
VST Tillers
Avanti Feeds
Amararaja Batteries
Alembic Pharma
Gujrat Gas
Atul
Bajaj Corp
Biocon
Indraprastha Gas
Accelya Kale
Avanti Feeds
Hindalco
Pfizer
Avanti Feeds
Amararaja Batteries
Sundaram Finance
NDTV
JK Tyre
Jammu & Kashmir
JK Lakshmi
Bajaj Corp
ITC
GIPCL
Yes bank
Chettinad Cement
ABirla Nuvo
JB Chemicals
Vijaya Bank
NMDC
HIL Limited
Tata Motor DVR
LIC Housing
Gujarat Alkalies
Texmaco Rail
Bajaj Auto
Sundaram Finance
IDFC*
Karur Vysya Bank
JB Chemicals
Cairn India
Zensar Tech
13-Nov-13
6-Nov-13
23-Oct-13
9-Oct-13
3-Oct-13
18-Sep-13
11-Sep-13
21-Aug-13
14-Aug-13
7-Aug-13
31-Jul-13
17-Jul-13
10-Jul-13
3-Jul-13
26-Jun-13
12-Jun-13
5-Jun-13
29-May-13
22-May-13
15-May-13
9-May-13
2-May-13
17-Apr-13
3-Apr-13
13-Mar-13
6-Mar-13
13-Feb-13
6-Feb-13
23-Jan-13
16-Jan-13
9-Jan-13
2-Jan-13
26-Dec-12
19-Dec-12
12-Dec-12
3-Dec-12
29-Nov-12
22-Nov-12
15-Nov-12
31-Oct-12
10-Oct-12
3-Oct-12
26-Sep-12
12-Sep-12
` 289
` 330
` 250
` 285
` 335
` 390
` 460
` 536
` 45
` 52
` 297
` 345
` 141
` 162
` 207
` 237
` 313
` 360
` 245
` 276
` 318
` 375
` 305
` 345
` 557
` 625
` 32
` 37
` 97
` 112
` 1061
` 1220
` 26
` 31
` 274
` 305
` 560
` 650
` 93
` 110
` 23.2
` 27
` 137
` 152
` 90
` 104
` 243
` 275
` 300
` 330
` 71
` 82
` 522
` 575
` 910
` 1090
` 1170
` 1290
` 90
` 104
` 66
` 77
` 170
` 196
` 490
` 575
` 174
` 195
` 274
` 314
` 141
` 171
` 64
` 74
` 1830
` 2050
` 480
` 575
` 161
` 180
` 433
` 495
` 75
` 90
` 335
` 375
` 270
` 305
521.6
498.95
332.45
1925.7
457.8
865
534.5
521.6
1874.65
395.45
716.1
604.45
1100.2
457.8
122.2
1885.8
457.8
865
1455.45
91.85
86.95
66
388.55
395.45
354.7
87.6
1078.85
710
1038.5
238.1
36.85
91.85
550.9
314.8
483.95
223.6
97.7
2632.15
1455.45
49.7
493.4
238.1
138.35
966.2
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Booked Loss
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
____________________________________________________________________________________
6

Company Analysis
22nd June 2016
_____________________________________________________________________________________
60
58
57
56
55
54
53
52
51
49
48
47
46
45
44
43
42
41
40
39
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
Bajaj Corp
JK Tyre
Accelya Kale Solution
Goodricke Group
Orient Paper
Ceat
Venkys
Tata Sponge *
Cera Sanitaryware
Mangalam Cement
Alembic Pharma
IDFC*
FDC
Force Motor
Chettinad Cement
Automobile Corp
Everest Industries
Goodricke Group
Amararaja Batteries
HSIL Limited
Goodyear Tyres
Gateway Distriparks
Sundaram Finance
Raymond
HIL Limited
Cera Sanitaryware
Zensar Tech
NIIT Tech
Fag Bearings
Escorts
Oracle Financial
Tata Motors
Zensar Tech
Manglore chemicals
Amararaja Batteries
LIC Housing
Raymond
Grindwell Norton
FDC
Biocon
United Phosphorus
GIPCL
Ashok Leyland
Gateway Distriparks
5-Sep-12
22-Aug-12
16-Aug-12
8-Aug-12
1-Aug-12
25-Jul-12
18-Jul-12
11-Jul-12
4-Jul-12
20-Jun-12
13-Jun-12
6-Jun-12
30-May-12
23-May-12
16-May-12
9-May-12
2-May-12
24-Apr-12
18-Apr-12
11-Apr-12
4-Apr-12
28-Mar-12
21-Mar-12
14-Mar-12
29-Feb-12
22-Feb-12
15-Feb-12
9-Feb-12
1-Feb-12
25-Jan-12
18-Jan-12
11-Jan-12
5-Jan-12
30-Nov-11
17-Nov-11
2-Nov-11
20-Oct-11
12-Oct-11
5-Oct-11
28-Sep-11
21-Sep-11
14-Sep-11
7-Sep-11
24-Aug-11
` 185
` 220
` 23.2
` 25.6
` 168
` 192
` 145
` 175
` 64*
` 78
` 96
` 114
` 458
` 520
` 339
` 375
` 287
` 330
` 122
` 152
` 52
` 62
` 126
` 153
` 81
` 95
` 458
` 550
` 700
` 875
` 350
` 425
` 160
` 205
` 155
` 175
` 158
` 188
` 165
` 205
` 365
` 440
` 150
` 180
` 320
` 363
` 400
` 460
` 345
` 420
` 219
` 260
` 181
` 215
` 240
` 310
` 1199
` 1430
` 84
` 102
` 2020
` 2280
` 205
` 240
` 135
` 165
` 33
` 40
` 112
` 130
` 235
` 275
` 356
` 415
` 235
` 268
` 89
` 106
` 345
` 385
` 155
` 179
` 76
` 86
` 27
` 32
` 130
` 150
395.45
86.95
1100.2
164
49.95
820.95
411.75
632.4
2238.95
286.25
534.5
49.7
176.35
2932
710
491
305.15
164
865
265.65
517
313.95
1455.45
467.1
550.9
2238.95
966.2
522.25
3918.65
207.65
3485.25
472.7
966.2
53.65
865
483.95
467.1
661.15
176.35
716.1
556
87.6
99.9
313.95
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
____________________________________________________________________________________
7

Company Analysis
22nd June 2016
_____________________________________________________________________________________
14
13
12
11
10
9
8
7
6
5
4
3
2
1
Balmer Lawrie
Wyeth
LG Balakrishnan
CRISIL
ITC
Sundaram Finance
Yes Bank
Goodyear Tyres
IDFC*
City Union Bank
Styrolution ABS
Indraprastha Gas
GMDC
Amararaja Batteries
17-Aug-11
10-Aug-11
3-Aug-11
27-Jul-11
20-Jul-11
13-Jul-11
6-Jul-11
29-Jun-11
22-Jun-11
15-Jun-11
8-Jun-11
1-Jun-11
25-May-11
18-May-11
` 377
` 428
` 1016
` 1150
` 145
` 170
` 870
` 960
` 205
` 226
` 276
` 320
` 325
` 374
` 322
` 396
` 122
` 154
` 45
` 54
` 595
` 690
` 342
` 409
` 138
` 180
` 104
` 128
599.2
Na
449.35
2129.35
354.7
1455.45
1078.85
517
49.7
110.05
599.6
604.45
71.6
865
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Target Achieved
Tata Sponge adjusted buy price post open offer is 285

Model Portfolio was given in Conviction Idea 50 , 59 ,77 ,80
* 55 Demerged
Some stocks have achieved target after the holding period mentioned in our report
Prepared By:
Capstocks Research Team
Capstocks & Securities (India) Pvt. Ltd
Research Analyst Registration Number: - INH200003109
Tel: 0471-4093361 | E-mail: research@capstocks.com
www.capstocks.com
____________________________________________________________________________________
8

Company Analysis
22nd June 2016
_____________________________________________________________________________________
****************************************************************************************************************
Disclaimer:
Capstocks & Securities (India) Pvt. Ltd (hereinafter referred to as Capstocks) is a registered Member of National
Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. Capstocks
registered as a Depository Participant with CDSL, Portfolio Manager with SEBI, and Mutual Fund Distributor with
AMFI. Capstocks is a SEBI registered Research Entity under SEBI (Research Analyst) Regulations, 2014 with
Research Analyst Registration Number: - INH200003109.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of
any investment decision. Nothing in this document should be construed as investment or financial advice. Each
recipient of this document should make such investigations as they deem necessary to arrive at an independent
evaluation of an investment in the securities of the companies referred to in this document (including the merits and
risks involved), and should consult their own advisors to determine the merits and risks of such an investment.
The information in this document has been printed on the basis of publicly available information, internal data and
other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be
relied on as such, as this document is for general guidance only. Capstocks or any of its affiliates/ group companies
shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in
the information contained in this report.
Disclosure:
I, Karthic Babu T.R.S, hereby certify that all of the views expressed in this research report accurately reflect my
views about the subject issuer(s) or securities. I also certify that no part of our compensation was, is, or will be
directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or Capstocks does not have financial interest in the subject company. Also
Research Analyst or his relative or Capstocks or its Associate do not have beneficial ownership of 1% or more in the
subject company at the end of the month immediately preceding the date of publication of the Research Report.
Further Research Analyst or his relative or Capstocks or its associate does not have any material conflict of interest.
Capstocks / Analyst has not served as an officer, director or employee of company covered by Analyst and has not
been engaged in market making activity of the company covered by Analyst.
Any holding in stock No.
*********************************************************************************************
____________________________________________________________________________________
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